Are you an Entrepreneur?
Answer these questions to find out.
It seems everyone these days owns a business, is starting a business, or in general, is an entrepreneur. What is an Entrepreneur exactly?
Technically, an Entrepreneur is: One who assembles the necessary components such as
Money * People * Resources
to create a new opportunity in the world of business.
Statistics show that there are 582 million entrepreneurs in the world.
The United States has over 27 million entrepreneurs according to Inc.com.
Are you among those already out there? If not, how can you join the ranks of those who proudly say, “I own a business.”
You have to start with a few questions and some self-reflection.
- Do you have a college degree or formal education?
About one-third of all small business owners never got any further than high-school. This is inspirational for the majority of us. So much pressure is put on young people to get a college degree. Educating yourself in business is always a good idea. But college is only one way to get that knowledge. Two famous Entrepreneurs who did not get a college degree are Bill Gates and Rush Limbaugh.
2. Only the young have time to create a thriving business.
44% of small business owners are 39 to 54 years old.
41% are 55 to 73 years old.
12% are 23 to 38 years old
2% of small business owners are 74 years old or older.
3. How much start-up capital do I need?
While many apply for bank loans, others use cash to start their businesses. I have even heard of people using their credit cards to fund a start-up. However, I don’t recommend that way of financing your business. No matter how you choose to finance your business, my suggestion is to make sure you have income for your personal and home expenses outside of your business expenses.
4. There are so many people doing what I want to do already.
Don’t let this discourage you. Look at what is already being offered and think, “How can I add more value?” or “What can I do differently or better?” There’s plenty of fish in the sea and some will bite on your hook!
There are some factors you should consider in your decision to become an entrepreneur.
First and foremost, does the business you wish to enter match your values? For example, if you are afraid to skydive, then opening a skydiving business might not be a good fit. On the other hand, if you love physical fitness and staying healthy through exercise, then a personal training business might be just right for you.
How will starting a business affect your home and personal life? If you are single and young, then taking a few risks might be ok, but a single mother of three might need to prepare for rainy days to keep things afloat.
What aspects of business make you uncomfortable? If you are ‘not good at sales’, that could be a big factor in possible setbacks or failure. Maybe you’re good at sales but bad at accounting and tax preparations. Figure out what it is in your business that scares you or upsets you and hire or learn to make those things your strong points.
Last but not least. How’s your Passion level? It needs to be high, this is your ‘juice’ your superpower. There will be days, weeks, or even months where you are discouraged and afraid you are going nowhere fast. Those are the days you need to reach into yourself and find just a little more ‘oomph’ to get over these setbacks.
Take some time to reflect on your personality, drive, and desire to create a thriving business. Pick the type of business that excites you. Stay positive and make a plan. Make sure Smartrepreneur is part of your plan!
